How To Start Your Own Business In 2020

Now. many publications are constantly discussing the topic that soon many will be left without work. From the point of view of a fifty-year-old man, perhaps you should not worry about this. But those who are younger need to really think about this topic. And the question is very simple. How will you earn money for food, for paying a mortgage, and in general, how are you going to live? You need to get a job or start a business.

In general, there are two ways to develop the situation. The first is to receive additional education in your profile to occupy a higher social position or to obtain new knowledge more promising in the future from your point of view. The second is starting one’s own business.

To start and most importantly decide to start your own business in 2020 is quite difficult. Many people think about it, read literature, watch videos on the Internet. Your business is complete obscurity, nobody is going to take care of you there, nobody will tell you and no one will lend money just like that. It is this unknown that often paralyzes.

Therefore, many continue to go to work, dreaming of starting their own business, like an impossible dream.
Many experts advise, when solving a complex problem, to break it into pieces and begin to solve them. The most difficult thing then at this stage will be to correctly divide the project (starting a business) into simple and relatively independent parts.

In this article, we will try to remove the uncertainty that arises when you want to start a business, and we will divide our task into several steps.

1. Choose a direction that you would like to do.

If this business is serious enough, with large initial capital investments, then try to start it with minimal investment, in the microbusiness version. Or look for companions so you don’t spend your last savings.

2. Who needs your product?

Why is it better than what is sold in a nearby store? How is it different and more attractive? Ask yourself this question. Do you think that all millions earn only on some new ideas or products? Not at all. Most of the money is earned from already established businesses, but with interesting differences for customers (buyers). Or your niche.

The development of ideas. Watch the thought. I can draw and I like it. I will open a school of art for children and adults. Or maybe I will open a studio in which, based on basic patterns and with the provision of all materials for creativity, people who do not know how to draw will paint a picture with my help in two or three hours. Organization of the evening for customers who want to paint the picture themselves, with a glass of wine, in a cafe. To be continued… This is the search for new opportunities in an existing business.

3. Create a business plan.

Many argue about this point and believe that only an investor needs a business plan to find out the return on business. Yes it is. But an entrepreneur opening his own business needs it no less. And you will need a business plan not for two or three years, but the next six months, or in extreme cases, a year. The first year of existence of the business is the most important, it is during this period that many do not stand up and close enterprises or private entrepreneurs.

To do this, open Excel or take a piece of paper, draw twelve columns. And now in these columns write the income from your sales, remembering that at the initial stage, not everything will be sold as fast as planned and not in such a volume. Do the same with the planned expenses, at the end add a line with the name – not planned expenses and add a third or 50% of the existing ones to it. Also, do not forget to pay (possibly with an existing installment plan) for equipment, goods, or tools.

The business plan should take into account all the time costs for passing approvals, obtaining all licenses, certificates, if necessary. You should understand when making a business plan in this way, when and at what time you will need this or that amount of money. And do not forget that time in your case is also money.

The more you run and look for money to buy a cash register, because you did not think about it in advance, the more you lose before you start selling. Now analyze income and expenses. Is there any profit and whether there will be cash costs in the process. See how much money is needed at the initial stage and where you are going to get it. You may need a companion. Then you will need to convince him that it is worth it.

4. Marketing.

When choosing a particular type of advertising, think about your client. Customers with a specific problem. In the example with drawing, these are definitely social networks. A lot of creativity and creativity, and then advertising costs will decrease.

5. The team.

As they say, one soldier does not make a battle. Therefore, depending on the type of business, sooner or later you will still come to the conclusion that you need to select personnel. Initially, use all the resources for which you do not have to pay anything, but relatives in the business, especially in conflict, are always a bad idea even when saving money.

6. Start selling by focusing on your product or service.

In the beginning, especially without a team, it will be difficult. As they say, Figaro is here, Figaro is there. One in many faces and the client is your boss. Even if at some point you have more orders than you can do, do not stop, look for new customers. Do not flatter yourself that you are not interchangeable. Otherwise, sometimes there may come a time when your product or service will not be offered to anyone.

7. Do not lose heart in any situation.

In business, as in life, there are cases and falls. If you want to start a business, you must be an optimistic realist. Do not lose vigilance, keep an eye on the market, and the desires of consumers and then you will be lucky.

This article was contributed by Melisa Marzett.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button